Bitcoiners have mocked financial pundit Peter Schiff after his anti-crypto poll on the X social media network failed miserably.
The results show that 59% of over 21,000 voters opted for Bitcoin over gold (23%) or silver (18%) in a hypothetical $100,000 investment held until 2028.
Schiff previously argued that Bitcoin investors were more motivated to vote in these types of polls “to reinforce the bullish narrative needed to keep building the pyramid.”
Bitcoin as a distraction
In a recent social media post, Schiff argues Bitcoin is a distraction that is suppressing the price of precious metals.
“Bitcoin is what’s preventing so many people from buying gold or silver. It’s so unfortunate that they will lose most of their money in Bitcoin instead of making even more money in precious metals,” Schiff said.
He views the capital flowing into cryptocurrencies as a tragic misallocation of resources.
If Bitcoin did not exist, the billions of dollars currently in the crypto market would naturally flow into gold, according to Schiff.
Why Schiff is winning
The gold bug has previously argued that cryptocurrency’s growth narrative is false. He has challenged Bitcoin proponents by asking “why has Bitcoin lost over 40% of its value relative to gold over the past four years.” He has used this data point to declare that Bitcoin’s time has passed and that “it’s gold’s time to shine again.”
Schiff’s argument hinges on comparing the last major market peak (November 2021) to today (December 2025).In November 2021, gold was trading around $1,800/oz. Today, gold has surged to approximately $4,400/oz.
In November 2021, Bitcoin reached an all-time high of $69,000. Today, it is trading around $88,000.
Since the 2021 peak, Gold has outperformed Bitcoin by a massive margin in pure dollar terms.
Gold has rallied roughly 67% year-to-date due to massive central bank buying and geopolitical instability. Silver has performed even better, surging over 130% in 2025.
Bitcoin, on the other hand, has largely chopped sideways or underperformed.
